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Employees' Retirement System of Georgia
Created by the Georgia General Assembly in 1949, the Employees' Retirement System of Georgia functions as a defined-benefit cornerstone for state workers,...
Employees' Retirement System of Georgia
Created by the Georgia General Assembly in 1949, the Employees' Retirement System of Georgia functions as a defined-benefit cornerstone for state workers, alongside defined-contribution plans and a life insurance program. Executive Director James A. Potvin runs the administration, while the investment portfolio answers to a board that includes the state treasurer and state auditor. The portfolio deploys across buyout, growth equity, mezzanine, distressed debt, and secondaries strategies — a mix that leans heavily on external managers. Real estate surfaces as a distinct sleeve: the fund owns the Two Northside 75 office building that houses its headquarters and participates via a dedicated real estate securities index fund. The fund is a signatory to Climate Action 100+ through contracted asset managers. The investment committee, chaired by Frank F. Thach Jr., oversees a dual-CIO structure with Bill Cary and Tom Horkan. Potvin also serves on the board of NAGDCA, the national association for governmental defined-contribution administrators, while Bryson — a former president of the Peace Officers Association of Georgia — also chairs the Peace Officers' Annuity and Benefit Fund. The Atlanta-based fund's architecture is unusual among US state pensions in separating the executive director role from investment leadership, with the board directly appointing the CIOs. That governance split places day-to-day operational control with Potvin while the board retains hiring and firing power over the investment chiefs, creating a structural check absent in single-CEO models.
General information
Firm type
Pension Fund
Year founded
1949
Location
Region
North America
Country
United States
City
Atlanta
Corporate office
Two Northside 75, Suite 300, Atlanta, GA 30318
Principals
James A. Potvin
Executive Director
Bill Cary
Chief Investment Officer
Tom Horkan
Chief Investment Officer
Homer Bryson
Chair of the Board of Trustees
Rebecca Sullivan
Vice-Chair of the Board of Trustees
Frank F. Thach Jr.
Chair of the Investment Committee
Steve McCoy
Board Member and State Treasurer of Georgia
Greg S. Griffin
Board Member and State Auditor of Georgia
Sector focus
Frequently asked questions
Who runs investment decisions at ERSGA?
Chief Investment Officers Bill Cary and Tom Horkan co-lead the investment function. They report to an investment committee chaired by Frank F. Thach Jr., which in turn answers to the full Board of Trustees. The board includes the Georgia state treasurer and state auditor as statutory members.
How does ERSGA source its private-market exposure?
The fund commits to external managers across buyout, growth, mezzanine, distressed debt, and secondaries. It also participates in climate-focused manager initiatives through Climate Action 100+. Direct real estate holdings — including its own headquarters at Two Northside 75 in Atlanta — sit alongside a real estate securities index fund.
Is ERSGA's AUM publicly disclosed?
ERSGA does not publish a single consolidated AUM figure. The $22.2 billion estimate reflects Altss aggregation of publicly available data on the pension trust and related investment pools. The last official actuarial valuation is filed annually with the state, not syndicated to commercial databases.
Does ERSGA invest directly or through funds?
Primarily through funds. The fund's strategy spans buyout, growth equity, mezzanine, distressed debt, and secondaries, all executed via external managers. Direct real estate investments appear in the portfolio — the Two Northside 75 office building is one confirmed holding — but the broader model is allocator-driven.
How is the investment team structured?
A co-CIO model, with Bill Cary and Tom Horkan sharing the top investment seat. That structure is unusual among peer state pensions, where a single CIO typically holds full authority. The board retains direct oversight of the CIO roles, separating investment leadership from the executive director's administrative remit.
What role does the Board of Trustees play?
The board governs all fiduciary duties, appoints the executive director and CIOs, and sets investment policy. Chair Homer Bryson also leads the Peace Officers' Annuity and Benefit Fund. Statutory members include Georgia's state treasurer and state auditor, creating ex-officio legislative-branch oversight.
Is ERSGA connected to other Georgia state retirement systems?
ERSGA operates independently from the Teachers Retirement System of Georgia and the Public School Employees Retirement System, though the three share a common fiscal oversight framework through the Georgia General Assembly. ERSGA alone covers general state employees, from administrative staff to public safety personnel.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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